Dhaka, July 14 -- Cathay Pacific on July 13 has had its plans approved to raise a staggering USD 5 billion in funding to help the airline withstand the coronavirus crisis.

The government-backed rescue deal includes the sale of preference shares, bridging loans and warrants, and was approved during an extraordinary general meeting this afternoon.

According to reports, Cathay's shareholders voted 99 per cent in favour of the package.

Following the vote, the company will now undertake something of an overhaul. Cathay will review everything from its fleet to its network and its staffing, in order to present a final plan for a rebirth of the airline in the post-corona world.

Prior to the vote, Patrick Healy, Chairman, Cathay Pacific, said,...